Allowed

In the matter of Ruk Maa Real Estate Private Limited Cp (Ib) No. 10-CB-2021

NCLT9 Aug 2021

Case brief

AI extract

What is this about?

The Tribunal granted the application for voluntary liquidation of Ruk Maa Real Estate Private Limited under the Insolvency and Bankruptcy Code, 2016, ordering its dissolution after verifying the compliance of statutory formalities by the Liquidator.

What did the court decide?

Directing the dissolution of the Corporate Person and the Liquidator to file a copy of the order with the Registrar of Companies and IBBI within fourteen days.

In the matter of Ruk Maa Real Estate Private Limited Cp… — Insolvency and Bankruptcy | NCLT (2021)

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH CUTTACK

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CP (IB) No. 10/CBl202r

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In the Matter o/':

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An Application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (l-rereinafter referred as IBC) by the Liquidator for Voluntary Liquidation of Company u/S 59 (7) of ItsC,2016.

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and

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In the Matter of:

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Ruk Maa Real Estate Private Limited, is Company registered under the Companies Act, 1956 incorporated on22.03.2011 bearing CIN U70101CT2011PTC022379, having its registered office at 180, I.C. Complex T.P. Nagar Korba (C.G) 495677 .

... Corporate Debtor

and

In lhe Mutter o.f:

Mr. Satish fawniya S/oSuresh Chand Sharma, aged about 40 years, No 271304, Sector1, Shankar Nagar, Near Nupum Gym & olympus Gym, Behind Cement Art, Raipur Clrhattisgarh- 492007 .

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. . . Applicant/l,iqr,ridator

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Order reserved on: 02.08.2021

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Order pronounced on: 09.08.2021

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Corsm:

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Shri Raiasekhar V.K. Member (Judicial)

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Shri Satya Ranjan Prasad Member (Technical)

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Appeurunces (th rouglt video conferencing)

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Iror the Applicant : Mr, Abhishek Jain, Practicing Company Secretary Mr, Nitin Agarwal, Practicing Company Secretary

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Page I of4

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IN TTIE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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CP No. l0lcBl202l

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In re: Voluntar.lt Licltticlation of RUK MAA ESTATE PRIVATE LIA4ITED

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ORDER

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Per: Ralasekhar V.K., Member (,ludical)

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This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") by a Corporate Person, namely, Ruk Maa Real Estate Private Limited (in Voluntary Liquidation) through the Liquidator, namely, CS Satish Tawniya for dissolution of the Corporate Person, on the ground that the Corporate Person is not intending to do any business or commercial activity. Accordingly, it has proposed for voluntarily winding up under section 59 of the Code.

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As per the petition the Corporate Person was incorporated on 2210312011 having its Registered office situated at 180, I.C. Complex T.P. Nagar, Korba, (C,G.)-495677.There are two Directors of the Company, namely, Shri Prabhu Ram Agrawal and Shri Pawan Kumar Agrawal. The authorised capital is <16,00,0001- and paid-up capital is t11 ,49,600.

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The Board of Directors of the Corporate Person by a resolution dated 2810112019 decidedto liquidate the Company voluntarily by calling amember's n'reeting on2810212019. The Board of Directors, after having made full inquiry into the affairs of the Corporate Person, formed an opinion that the Company has no debt and the Company is not being liquidated to defi'aud any person.

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4, The applicant enclosed the audited Receipt and Payment accounts from 2810212019 to 03/1212020 as per Section 59 (3) (b) (i) of the Code read with Regulation 10 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process Regulations, 2017).

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On 28/0212019, the member of the Corporate Person passed a Special Resolution in the Extra-Ordinary General Meeting to liquidate the Company and to appoint CS Satish Tawniya as the Liquidator with a remuneration of {66,000 for undertaking the process of liquidation of the Corporate Person as required under Section 59 (3) (c) (i) of the Code. Dr.rring the course of hearing, tlie applicant submitted that the Liquidator's remuneration was paid by the

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Page 2 of 4

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IN THE NA'I'IONAL COMPANY I,AW TRIBUNAI, CUTTACK BENCFI

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CP No. l0lcBl2021

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In re: Voluntary Licluidation of RUK MAA ESTATE PRIVATE LIMITED

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Corporate Person. There were no unsecured creditors in the Company, Hence, the requilement of the Special Resolution being approved by creditors having 213'dvalue of shares as required under proviso to sub-section (3) of Section 59 does not arise.

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The Corporate Person notified the Registrar of Companies, Chhattisgarh on 0810312019 and the IBBI, New Delhi on 0110412021 about the passing of a Special Resolution to liquidate the Corporate Person. Further, the Liquidator has duly intimated the Income-Tax Department about the voluntary liquidation of the Corporate Person and the Income Tax Department has issued no objection for the voluntary liquidation of the Corporate Person.

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7 The Liquidator made a public announcement regarding the liquidation of the Corporate Person in two newspapers one in English, i.e., Central Chronicle dated 0710312019 and another in regional language, i.e., Navbharat dated 0510312019 calling upon the stakeholders, if any, to subrnit their claims as required under Regulation 14 of IBBI (Voluntary Liquidation Process) Regulations, 2017 (herein after called as "Voluntary Liquidation Process Regulations").

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It is submitted that the Corporate Person ceased to doing any business from 2810212019, as required under Regulation 4 of the IBBI Regulations.

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As per Regulation 34 of IBBI Regulations, the Liquidator has duly opened a Bank Account in the name and style of "M/s Ruk Maa Real Estate Pvt. Ltd. - in Voluntary Liquidation" in Bank of Baroda (Power House Road Branch, Korba), the said account was also closed. The Liquidator has filed final report. T'he Liquidator further filed audited accounts of liquidation and the statement in accordance with Regulation 38 of the Voluntary Liquidation Process Regulatior-rs.

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While the Liquidator is required to realise the proceeds of the assets of the Corporate Person as mentioned under Regulation 32 of IBBI Regulations. The

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Page 3 of4

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IN TFIE NATIONAL COMPANY I,AW TRIBUNAL CUTTACI( BBNCH

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CP No. 101CP.12021

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In re: l/oluntant Lictnidation of RUK MAA ESTATE PRTVATE LIAIITED

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comparly did not have any assets, hence, the proviso under Regulation 32 of Voluntary Liquidation Process Regulations does not arise.

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ll. There are only Current Assents for realisation and they were distributed to the stakeholders. The auditor has audited the accounts of Liquidation as stated under Regulation 38 of IBBI Regulations. fhe Liquidator has filed finalrepofi stating that liquidation process has been completed by annexing Audited Accounts of liquidation. Finally, the Liquidator filed this petition along with final report and sent a copy of the final report to the Registrar of Companies, Chhattisgarh and IBBI in compliance of Section 59 (6) of Code, read with Regulation 32 and 34-38 of Volur"rtary Liquidation Process Regulations.

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t2, On the petition liled by the Liquidator under sub-section 7 of Section 59 of the Code for dissolution of this Corporate Person, we have noticed that the affairs of the Corporate Person have been completely wound up and its assets are liquidated. Therefore, we hereby direct dissolution of the Corporate Person, and further direct the Liquidator to file a copy of this Order with Registrar of Companies, Chhattisgarh and IBBI within foudeen days hereof, as laid down ir-r Section 59 of the Code.

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CP No.l0lCBl2021 shall stand disposed of accordingly.

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The Registry is directed to send e-mail copies of the order forthwith to all the parlies and their Ld. Counsel for information and for taking necessary steps,

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